rbc ups price target from 3.50 to 4.50, page-29

Watch for one more up day in gold.
A big move last night in gold should now remove any significant risk of any further downside below the Sept low.
The price dropped around a week ago to break the lower side of the pennant, but it did not drop very far in line with the bullish fundamentals.
One more move up to break the upper line of the previous pennant and at the same time take out resistance at 1700, will be very bullish.
I would like to see a decent move up tonight again. If so we should see a challenge of the $1800 level next.
Then I wouldn’t be surprised to see a retest of $1700, but it could just as easily keep going up instead.